Question

If you put $750 into a savings account that earns 6.2%, how much interest will you receive at the end of 7 years?

Answer 1

Answer: You will receive $ 325.5 as interest at the end of 7 years.

Explanation:

Given: Principal amount = $750

Rate of interest = 6.2% = 0.062

Time = 7 years

Interest = Principal x Rate x Time

Inetrest = 750 x 0.062 x 7

= $ 325.5

Hence, you will receive $ 325.5 as interest at the end of 7 years.